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Shell Oil fading

Screen Shot 2013-11-13 at 07.38.22Extracts from an article by Robert Magyar published 15 March 2014 by examiner.com under the headline: “Shell Oil fading in the Pennsylvania Marcellus”

A new analysis of the second half 2013 Pennsylvania Marcellus shale oil and gas production shows the vast majority of Royal Dutch Shell’s 630 wells are under performing compared to its peers. In northeast Tioga County, Shell’s wells are producing at less than half the rate of its area competitors. Its more bad news for Shell as its new CEO Ben Van Beurden announced on Thursday the company would cut its spending in onshore U.S. operations by 20% and begin selling off assets. Shell purchased its Marcellus shale holdings by buying Terry Pegula’s East Resources Inc. back in 2010 for $4.7 billion. By early 2013, Shell took a $2.1 billion write down on its U.S. shale operations.

FULL ARTICLE

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